Importing the Chart of Accounts into MoneyWorks

Software: MoneyWorks v7 accounting software

After verified the tax code (GST code) and tax rate (GST rate) are correct, you need to create the accounts in the Chart of Accounts list. If you have a few hundreds or thousands of accounts, the easier way is to import the account list into the MoneyWorks.

Below are a list of required fields, which will help you in preparing the import list file.

Account: Account Code (max 7 characters)
Description: Account Name (max 39 characters)
Type: Account Type*
Group: Department Group
Tax Code: GST code
Category: Account Category
P&L: Retained Earnings.

You can leave the Group and Category field blank if you are not using it. All Profit & Loss accounts are required to have a P&L account code (retained earnings account). All accounts must have a tax code, if you are not a GST register trader, you may use “*” GST code (Please refer to the Tax Code list for a list of Tax Code available in MoneyWorks).

Once the list is prepared, save it as a text file.

import file

From the “File” menu, “Import”, select  “Accounts…” to start importing the file. Unlike other list such as a name list or transaction list, it does not have a mapping window when importing the accounts list, hence you need to prepare the list in the below order.

Import accounts

The MoneyWorks import wizard will check for errors, if no error found, follow the instruction and import the accounts.

Chart of accounts list

Notes:

  • You can only import base currency account.
  • If you are using departments, the department code will be after the account code joint by a “-“. Example: Account code 7230, RENT account. If you have two departments, D01 and D02, the account code will be:
    • 7230-D01 RENT
    • 7230-D02 RENT

*Account Type available in MoneyWorks:

AR: Accounts Receivable
AP: Accounts Payable
BK: Bank
CA: Current Assets
CL: Current Liabilities
CS: Cost of Sales (Cost of Goods Sold)
EX: Expenses
FA: Fixed Assets
GR: GST Received (Special type of account)
GP: GST Paid (Special type of account)
IN: Income
PL: Profit & Loss (Special type of Account, usually use as a Retained Earnings account)
SA: Sales
SF: Shareholders Funds (Equity)
TA: Term Assets (Other Assets)
TL: Term Liabilities (Long Terms Liabilities)

Please refer to the MoneyWorks v7 user guide, page G-363, “Importing the Chart of Account” for more detail.

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